Loan Assignment · Gowanus

164 4th Avenue sees a loan assigned at ~$90.25M

The Douglass Street Apartments is a 160-unit tower, 30% affordable, on a former gas station site, developed by Artimus Construction with Heron Real Estate; Freddie Mac now holds the senior loan.

Street-level view of 164 4th Avenue, Brooklyn, NY
Google Street View
Amount
~$90.25M
Type
Loan Assignment
Date
Jun. 2026

164 4th Avenue, Brooklyn, NY

Recorded in NYC property records.

Borrower
164 4 LLC
All 5 parties on this transaction →
The Deal at a Glance
  • The senior loan position moved from JPMorgan Chase to CPC Mortgage Company to Freddie Mac -- a GSE taking the senior position typically signals a project has stabilized post-construction.
  • The original $90M construction loan (Feb. 2024) was a joint venture between Artimus Construction and Heron Real Estate (the Wiczyk family).
  • The site is a former gas station; Artimus raced to close financing ahead of the since-expired 421a tax-abatement deadline.
  • The building is 160 units, 30% affordable, with GKV Architects as architect of record.

Overview

Artimus Construction's roughly $90 million construction loan for the Douglass Street Apartments at 164 4th Avenue -- a 160-unit tower that's 30% affordable -- moved into permanent financing hands in June 2026. ACRIS records show the loan's larger piece, a $74.75 million agreement originally with JPMorgan Chase Bank, N.A., was assigned to CPC Mortgage Company LLC and then on to the Federal Home Loan Mortgage Corporation (Freddie Mac). A separate $15.5 million piece, held directly by The Community Preservation Corporation, wasn't assigned. Freddie Mac picking up the senior position is typically a sign a project has moved from construction into permanent, stabilized financing.

Per The Real Deal, the $90 million construction loan behind the project closed in February 2024, a joint venture between Artimus Construction -- led by Ken Haron, Eytan Benyamin, and Barry Gurvitch -- and Heron Real Estate, a firm tied to the Wiczyk family. The site, a former gas station, carried a tight timeline: Artimus raced to close the loan and start construction ahead of a 2024 deadline to qualify for the since-expired 421a tax abatement. Artimus had bought additional air rights for the site for $2.5 million in 2023. The building's architect of record is GKV Architects. Artimus has also developed Circa Central Park and 1140 Amsterdam Avenue.

Confirms the Douglass Street Apartments' construction loan has converted to permanent financing with a GSE now in the senior lender seat -- a marker of a stabilized, de-risked project rather than an active construction site.

Parties Involved 5 recorded

Editorial monogram for 164 4 LLC — not an official logo.164
Borrower
164 4 LLC
Artimus Construction
Sponsor Artimus Construction
Named in the record; no Hush Street entity profile yet.
Basis

Named as party1 on both loan agreements (ACRIS docs 2026061500224008 and -009).

Artimus Construction: Recorded on this Deal as the party behind "164 4 LLC" — named in this Deal's own published summary. The ACRIS-recorded party is unchanged and remains "164 4 LLC".

Editorial monogram for JPMorgan Chase Bank, N.A. — not an official logo.JC
Prior Lienholder
1 Hush Street deal $90.3M combined
Basis

Named as party1 (assignor) on the $0 assignment (doc 2026061500224007), handing its position to CPC Mortgage Company LLC.

Editorial monogram for CPC Mortgage Company LLC — not an official logo.CM
Prior Lienholder
1 Hush Street deal $90.3M combined
Basis

Named as party2 (assignee) on doc 2026061500224007, then as party1 (assignor) on doc -014, assigning the same $74.75M position onward to Freddie Mac.

Editorial monogram for Freddie Mac — not an official logo.FM
Lender
1 Hush Street deal $90.3M combined
Basis

Named as party2 (assignee) on the final assignment (doc 2026061500224014), confirming it now holds the $74.75M senior position.

Editorial monogram for The Community Preservation Corporation — not an official logo.TC
Lender
1 Hush Street deal $90.3M combined
Basis

Named directly as party2 on the $15,500,000 loan agreement (doc 2026061500224009); no assignment document found for this piece.

Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.

Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.

Property & Project

Address164 4th Avenue, Brooklyn, NY
NeighborhoodGowanus
Property TypeResidential
Butler Street4 AvenueDegraw Street3 AvenueDouglas Street Sackett Street
Parcel boundaries and street centerlines: NYC Dept. of City Planning, MapPLUTO & Digital City Map (informational, not survey-grade). Highlighted lot is the subject property; neighboring lots and streets shown for geographic context only.
Sources & Recordsverification, citations & data notes
Verification
Verified — Primary Source
Amount
Two components, confirmed by document chain: a $74,750,000 loan agreement, originally between 164 4 LLC and JPMorgan Chase Bank, N.A., assigned first to CPC Mortgage Company LLC and then to the Federal Home Loan Mortgage Corporation (Freddie Mac); and a separate $15,500,000 loan agreement held directly by The Community Preservation Corporation, not assigned. The two sum to within rounding of the ~$90M construction loan reported by Commercial Observer in February 2024 (JPMorgan ~$75M + CPC ~$16M).
Unit count and architect of record, disclosed
160 units; architect GKV Architects (The Real Deal (2024) and prior Hush Street record) vs. 188 units; architect SBLM Architects (Marketproof building listing). The two sources disagree on both figures, and neither is resolved in favour of the other.